META

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0718%/8h= −78.6% APRnext payment −$0.90 per $10,000 · paid last 24h −0.069%

Price spread now: Lighter RH against Phoenix−0.083%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$160.162% of the position

Long on Phoenix Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.309%−$31 on $10k

Price spread, last 7 days+0.018%+$2 · spread now −0.083%, 7d avg −0.012%

Together, before fees−0.292%+ Points / potential airdropLighter RH: Points live · farm board−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Lighter RH is 0.071% cheaper against Phoenix than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.012%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.309% in total (about -16.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.90 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix META	747.41	0.0750	pay 0.0094% / 1h	18m 44s	$798K	$1.5M	20x
Short	Lighter RH META	746.79	0.0032	get 0.0004% / 1h	18m 44s	$790K	$3.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee Lighter RHbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$150.68
Price spread: −0.083% → −0.012%: −$7.13
Slippage, 4 orders: −$9.17
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$173.98
Costs to cover: 0.162%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Lighter RH: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 5 min ago	1.07 bp	5.6 bp −$6	17.0 bp −$170	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	1.34 bp	1.6 bp −$2	5.3 bp −$53	44.3 bp −$4,426	doesn't fit

META on 37 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin META-USDT	−0.0120%	8h	746.44	−0.130%	$334K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	746.12	−0.173%	$480K	$593K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	746.22	−0.159%	$548K	$3.4M	17x	as long as short
Binance METAUSDT	0.0000%	8h	746.41	−0.134%	$25.2M	$188.6M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	746.08	−0.178%	$7.5M	$15.4M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	746.51	−0.120%	$6.0M	$12.7M	20x	as long as short
Gate META_USDT	0.0000%	8h	745.77	−0.219%	$474K	$6.2M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	746.09	−0.177%	$5.6M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	747.09	−0.042%	$2.5M	$3.1M	—	as long as short
GRVT META_USDT_Perp	0.0000%	8h	747.30	−0.015%	$13K	$439K	10x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX META-USDT	0.0000%	8h	746.37	−0.139%	$926	$8.0M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	746.04	−0.183%	$34K	$276K	10x	as long as short
HTX META-USDT	0.0000%	8h	746.17	−0.166%	$108K	$311K	30x	as long as short
Phemex METAUSDT	0.0000%	4h	746.25	−0.155%	$2.0M	$8K	10x	as long as short
Nado META-PERP	+0.0013%	1h	745.81	−0.214%	$481K	$560K	20x	as long as short
QFEX META-USD	+0.0031%	1h	746.24	−0.157%	$2.2M	$14.1M	10x	as long as short
Lighter RH METAshort	+0.0032%	1h	746.79	−0.083%	$790K	$3.1M	20x
Arcus META-USD	+0.0040%	1h	746.01	−0.187%	$112K	$339K	10x	as long as short
Vest META-USD-PERP	+0.0046%	1h	746.81	−0.080%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	746.51	−0.120%	$178K	$202K	20x	as long as short
Polymarket Perps META-USD	+0.0050%	1h	746.18	−0.165%	$567K	$624K	10x	as long as short
SoDEX META-USD	+0.0050%	1h	746.31	−0.147%	$25K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	745.77	−0.219%	$731K	$5.1M	10x	as long as short
Paradex META-USD-PERP	+0.0054%	8h	746.31	−0.147%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0087%	1h	746.94	−0.063%	$48K	$91K	10x	as long as short
Pacifica META	+0.0100%	1h	746.41	−0.134%	$37	$368	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	746.19	−0.163%	$1.6M	$722K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	745.30	−0.282%	$167K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	746.48	−0.124%	$1K	$24	10x	as long as short
Aevo META-PERP	+0.0104%	1h	746.34	−0.144%	$269	—	10x	as long as short
Coinbase International META-PERP-INTX	+0.0104%	1h	746.24	−0.157%	$644K	$7.9M	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	753.38	+0.799%	$176K	$48K	30x	as long as short
Lighter META	+0.0432%	1h	746.93	−0.064%	$1.1M	$2.9M	20x	as long as short
edgeX METAUSDC	+0.0452%	4h	745.57	−0.246%	$62K	$344K	10x	as long as short
Hotstuff META-PERP	+0.0480%	1h	747.18	−0.031%	$33K	$105	20x	as long as short
tradeXYZ xyz:META	+0.0567%	1h	746.93	−0.064%	$82.2M	$130.4M	20x	as long as short
Phoenix METAlong	+0.0750%	1h	747.41	long leg	$798K	$1.5M	20x